SM Investments Corp. (SMIC) is opening two of its rebranded Cherry Foodarama supermarkets this week.
SMIC, the publicly listed holding firm of the SM Group led by the Sy family, acquired
Cherry Fooderama from the Ong family in June this year.
In a statement, SMIC said it would be open Cherry Shaw today, October 13, and Cherry Congressional on Thursday, October 15.
“Having served as main grocery stores for residents within their areas for decades, the two Cherry stores have established close ties with their loyal shoppers,” SMIC said in a statement. “Now looking refreshed and a bit more modernized, loyal Cherry shoppers will be glad to see their favorite markets looking better than ever, while still keeping the classic Cherry feel.”
“Cherry Foodarama Shaw and Congressional, under the management of SM Markets, now offer more products and services aligned to their commitment to deliver world class shopping at everyday affordable prices,” the company added.
Now patterned after the regular SM format, the former Cherry Foodarama grocery stores have been remodeled to become one-stop shops for new products like clothes, toys, home improvement wares, appliances, furniture, and kitchen wares, in addition to the usual food and grocery items sold at Cherry Fooderama.
The new stores will also include health and wellness products and services under the Watson brand, as well as bills payment counters for added convenience.
“The re-opened Cherry stores promise to deliver excellent customer service, accompanied by a wide range of products to its shoppers, a formula that has worked for SM Markets for three decades,” the company said. “The old stores get much-needed makeovers to keep up with the times and continue delivering satisfaction to their loyal customers. And though their appearance has changed and they are now part of the SM Markets family, every visit to Cherry Shaw and Cherry Congressional is guaranteed to be as sweet as cherry, just like the old days.”
Aside from the Shaw and Congressional branches, another Cherry Foodarama store in Antipolo is also currently undergoing some remodelling.
The Cherry Fooderama rebranding is part of the retail giant’s efforts to face off with its likewise growing competition—the Puregold supermarket chain of businessman Lucio Co, and the Gokongwei family’s Robina Retail Holdings, Inc.
This is one of SM’s effort in further growing in the commercial retail arena, which is already becoming more competitive given the expansion plans of its counterparts Lucio Co’s Puregold supermarket chain and Gokongwei family’s Robinson’s Retail Holdings Inc.
Aside from the Cherry Foodarama deal, SM also acquired 51 percent of the WalterMart Group in 2013, acquiring 19 WalterMart community malls in Metro Manila and Luzon.
The group’s retail expansion extends to bringing the Indonesian Alfamart mini mart in the Philippines, which is SM’s frontliner in the rapidly growing convenience store sector.
SMIC holds the three main businesses of the Sy family: property (SM Prime Holdings Inc.), banking (BDO Unibank Inc.), and commercial retail (SM Retail Inc.). The group also has affiliates, such as China Banking Corp. and casino and entertainment firms Belle Corp. and Premium Leisure Corp.